MemoryThe marketErupt, DRAMThe marketForeground is valued. Increase rate of global memory market was achieved 2017 60% , surmount logistic circuit first, make semiconductor the biggestProduct. DRAM continues to maintain city of semiconductor memory domain to occupy rate the first. In DRAM manufacturer, hailishi and beautiful light all use SamSung, SK IDM mode continues to hold monopoly position, aggregate city is occupied rate more than 95% , homebred manufacturer begins active position, implementation the quantity was produced 2018, hopeful changes current property structure stage by stage. DRAM consumptionProductIn, mobile terminal, server and PC hold a head as before 3, aggregate occupy than 86% , future will continue pull move DRAM to consume growth.

SamSung is banner the advantage is clear, traditional technique is replaced hard. SamSung produces 8Gb DDR4 DRAM of class of the 2nd acting 10nm at beginning a quantity 2017, the yield that enlarges DRAM of integral 10nm class continuously can, continue to maintain 1-2 of as big as other DRAM plant year the technical gap of above. Because new-style memory is put in CMOS compatible problem and class of parts of an apparatus are variational, and the sexual price of DRAM is compared tall, the technology is mature and have dimensions advantage, predicting future 5-10 is replaced hard inside year. In the meantime, because the plane of DRAM is small,shrink to approach the limit and expand to perpendicular direction, after 18/16nm, FilmyPly cannot continue cut, and do not suit to use material of tall dielectric constant and electrode, continue in 2 dimension direction cut dimension already was had no longerCostWith the advantage of performance side, 3D DRAM can realize high density capacity below full measure, and parasitism block look decreases, delay time strings together faze low, future may make the gradual progress way of DRAM.

Growth of demand of benefit from benefit from is pulled move, DRAM maintains volume price to add state together. Use as 5G business approach and of business of cloud computation, IDC pull move, the consumptive demand growth of mobile terminal, server and PC side is apparent. Each big firm enlarge produces enthusiasm to be not decreased, include SamSung to be in the P1 workshop of Korea Ping Ze and Line 15 product line, SK M14 product line of Hailishi, and beautiful light produces a plan in the enlarge of the Fab 15 of Hiroshima and Fab 16, but as a result ofPhotoetchingThe technology is close to bottleneck, Fine rateThe issue is increasingly outstanding and the occurrence of new technology, each manufacturerCraftThe process is deferred somewhat, predict global DRAM was produced 2018 can increase 10% , DRAM maintained volume price to add state together as before 2018.

We suggest to pay close attention to national policyCapitalSupport bringsInvestmentOpportunity: Million easy innovation (A memory bibcock) , north China is achieved (A integrated circuitEquipmentBibcock) , long plain science and technology (A measureEquipmentBibcock) .

Risk clew: Industry competition aggravate, demand growth is not amounted to anticipate.